Table 2.

POLS regressions on the association of indebtedness with mental health.

Variables	Model 1	Model 2	Model 3
	DV: CESD-8 scores
Any debt	0.736***
	(0.055)
Total debt (logarithm)		0.289***
		(0.025)
Total debt to assets			0.449***
			(0.049)
Male	−0.714***	−0.707***	−0.700***
	(0.054)	(0.054)	(0.054)
Age	−0.004	−0.004	−0.006+
	(0.003)	(0.003)	(0.003)
Married	−0.509***	−0.511***	−0.493***
	(0.122)	(0.123)	(0.124)
Urban hukou	−0.274**	−0.285**	−0.305***
	(0.088)	(0.089)	(0.089)
Education level (ref.: Illiterate)
Elementary school	−0.600***	−0.604***	−0.618***
	(0.102)	(0.102)	(0.102)
Junior high school	−0.901***	−0.907***	−0.931***
	(0.104)	(0.104)	(0.104)
Senior high school	−1.025***	−1.043***	−1.062***
	(0.109)	(0.109)	(0.110)
Bachelor’s degree or higher	−0.854***	−0.889***	−0.862***
	(0.140)	(0.141)	(0.142)
Employed	−0.135	−0.133	−0.120
	(0.084)	(0.084)	(0.085)
Any chronic diseases	1.686***	1.691***	1.705***
	(0.075)	(0.076)	(0.077)
Number of family members	0.023	0.028	0.031
	(0.020)	(0.020)	(0.020)
Annual income (logarithm)	−0.331***	−0.358***	−0.325***
	(0.044)	(0.044)	(0.044)
Total assets (logarithm)	−0.307***	−0.342***	−0.276***
	(0.033)	(0.033)	(0.032)
Constant	7.800***	8.072***	7.947***
	(0.229)	(0.229)	(0.228)

⁺p < 0.1, ^*p < 0.05, ^**p < 0.01, ^***p < 0.001. Robust standard errors in parentheses.